An Expanding Specialty
by Starr Cumming, Specialty Retail Report
The emergence of creative new opportunities in specialty leasing is opening up new streams of revenue.
It is clear now that when The Rouse Company opened Faneuil Hall Marketplace in Boston in 1976, the Columbia, Maryland-based developer was contributing to the foundation of an entirely new – and in many ways transformative – retail phenomenon.
Within a year or two, shopping centers around the country were emulating this successful example, and the practice known as specialty leasing was off and running. Specialty leasing has evolved and expanded in important ways over the years, becoming what is today a multi-billion dollar industry encompassing some of the most diverse and dynamic retail opportunities at malls and shopping centers around the world.
But it is not where specialty leasing has been that is so interesting; but where it is going. For all of its growth over the past four decades, what has happened in the last five years alone has been eye-opening for developers and retailers alike. Kiosks and RMUs remain an important part of any specialty leasing program, but they have been joined by a host of new and exciting opportunities. In some ways, the very definition of specialty leasing is changing, expanding to include creative new ways to engage with brands and visitors. The result of that engagement, of course, is a boost to ancillary revenue.
A blank canvas
Local entrepreneurs opening pop-up shops and other temporary leasing opportunities are part of a growing and highly visible trend, and other sources of ancillary revenue – such as vending machines and special promotions – have increased in prevalence and popularity. But the biggest game-changer for the shopping center industry with regard to specialty leasing is that it is not just about transactional retail anymore. Malls are becoming a viable and visible sponsorship and advertising option: a kind of blank canvas where products, programs, brands, spaces and places can be displayed and engaged with in new and creative ways.
From static advertising signs and banners…(read the complete article)
The emergence of creative new opportunities in specialty leasing is opening up new streams of revenue.
It is clear now that when The Rouse Company opened Faneuil Hall Marketplace in Boston in 1976, the Columbia, Maryland-based developer was contributing to the foundation of an entirely new – and in many ways transformative – retail phenomenon.
Within a year or two, shopping centers around the country were emulating this successful example, and the practice known as specialty leasing was off and running. Specialty leasing has evolved and expanded in important ways over the years, becoming what is today a multi-billion dollar industry encompassing some of the most diverse and dynamic retail opportunities at malls and shopping centers around the world.
But it is not where specialty leasing has been that is so interesting; but where it is going. For all of its growth over the past four decades, what has happened in the last five years alone has been eye-opening for developers and retailers alike. Kiosks and RMUs remain an important part of any specialty leasing program, but they have been joined by a host of new and exciting opportunities. In some ways, the very definition of specialty leasing is changing, expanding to include creative new ways to engage with brands and visitors. The result of that engagement, of course, is a boost to ancillary revenue.
A blank canvas
Local entrepreneurs opening pop-up shops and other temporary leasing opportunities are part of a growing and highly visible trend, and other sources of ancillary revenue – such as vending machines and special promotions – have increased in prevalence and popularity. But the biggest game-changer for the shopping center industry with regard to specialty leasing is that it is not just about transactional retail anymore. Malls are becoming a viable and visible sponsorship and advertising option: a kind of blank canvas where products, programs, brands, spaces and places can be displayed and engaged with in new and creative ways.
From static advertising signs and banners
– See more at: http://specialtyretail.com/issue/2014/07/merchandising-and-marketing/sponsorships-merchandising-and-marketing/an-expanding-specialty/#sthash.FvHjmpft.dpuf
The emergence of creative new opportunities in specialty leasing is opening up new streams of revenue.
It is clear now that when The Rouse Company opened Faneuil Hall Marketplace in Boston in 1976, the Columbia, Maryland-based developer was contributing to the foundation of an entirely new – and in many ways transformative – retail phenomenon.
Within a year or two, shopping centers around the country were emulating this successful example, and the practice known as specialty leasing was off and running. Specialty leasing has evolved and expanded in important ways over the years, becoming what is today a multi-billion dollar industry encompassing some of the most diverse and dynamic retail opportunities at malls and shopping centers around the world.
But it is not where specialty leasing has been that is so interesting; but where it is going. For all of its growth over the past four decades, what has happened in the last five years alone has been eye-opening for developers and retailers alike. Kiosks and RMUs remain an important part of any specialty leasing program, but they have been joined by a host of new and exciting opportunities. In some ways, the very definition of specialty leasing is changing, expanding to include creative new ways to engage with brands and visitors. The result of that engagement, of course, is a boost to ancillary revenue.
A blank canvas
Local entrepreneurs opening pop-up shops and other temporary leasing opportunities are part of a growing and highly visible trend, and other sources of ancillary revenue – such as vending machines and special promotions – have increased in prevalence and popularity. But the biggest game-changer for the shopping center industry with regard to specialty leasing is that it is not just about transactional retail anymore. Malls are becoming a viable and visible sponsorship and advertising option: a kind of blank canvas where products, programs, brands, spaces and places can be displayed and engaged with in new and creative ways.
From static advertising signs and banners
– See more at: http://specialtyretail.com/issue/2014/07/merchandising-and-marketing/sponsorships-merchandising-and-marketing/an-expanding-specialty/#sthash.FvHjmpft.dpuf
